Laurel Road personal loans review February 2018 | finder.com

Laurel Road personal loans review

Pay for a big purchase or consolidate debt with fair rates and repayment terms of up to five years.

Laurel Road (formerly DRB) is a bank that specializes in student loan refinancing while offering personal loans to pay for life’s next big steps or surprises.

Product NameLaurel Road Personal Loans
Min Loan Amount$1,000
Max. Loan Amount$45,000
Min APR From 5.5%
Minimum Loan Term3 years
Maximum Loan Term5 years
RequirementsMust be a US citizen or permanent resident with a valid I-551 card. Best for people w/ 680+ credit scores and $60,000+ annual income.
  • Must be a U.S. Citizens or permanent resident with a valid I-551 card.
  • Have good to excellent credit.

First, do I qualify?

To qualify for a Laurel Road personal loan, you must have a minimum credit score of 680+, be a US citizen or permanent resident and be at least 18 years old. Laurel Road personal loans are best for people with annual income of $60,000 or more who have debt of less than 40% of their income.

What are Laurel Road personal loans?

Laurel Road offers personal loans with rates that start at 5.5%, depending on the loan you select and your creditworthiness. You’ll pay no origination fees or prepayment penalties and could be eligible for a personal loan with longer terms, lower rates and minimum payments if you work in the medical profession.

What makes Laurel Road personal loans unique?

Laurel Road’s personal loans are on par with competitors in terms of rates and terms offered. Laurel Road offers additional benefits, including a higher maximum loan amount of $80,000 for doctors and dentists and minimum monthly payments of just $25 for residents and fellows.

What are the benefits of a Laurel Road personal loan?

  • Autopay discount. Get a 0.25% discount on your rate when you sign up for autopay from a bank account.
  • Easy application. Apply online in about five minutes to learn the loans and terms you qualify for.
  • No extra fees. Pay no origination fees or prepayment penalties with this loan.
  • Stronger loans for doctors. If you’re a medical professional, you may be eligible for higher maximum loan amounts, longer terms and lower rates.
  • Referral bonus. Get a $300 reward for referring any new customers who take up a personal loan with Laurel Road.

What to watch out for

Laurel Road highlights the many benefits of its personal loan online, but it doesn’t provide quite as many details as those you’ll find for its student loan refinancing product. If you have any questions about this loan, be sure to ask a customer service representative before signing a contract.

Compare Laurel Road personal loans to other options

Rates last updated February 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.66% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (fixed)

Compare up to 4 providers

Am I eligible for a Laurel Road personal loan?

To apply for a personal loan with Laurel Road, you must be a US citizen or permanent resident with a valid I-551 card. You’ll need to meet Laurel Road’s underwriting criteria, including employment, disposable income, debt-to-income and credit history requirements.

Other eligibility requirements, such as your education credentials, may apply for those looking to get the benefits offered to medical professionals.

What should I expect when I apply?

You can apply for a personal loan through Laurel Road’s short online application in just a few steps. Simply click the Go to site button on this page to be directed to Laurel Road’s website. From there, you’ll click the Apply Now orange button to fill out the form.

Fill in your personal information such as your name, email, date of birth and Social Security number. Then click the next dropdown to continue.
Laurel Road personal loan application form 1

Fill in your employment status, monthly rent/mortgage payment, highest level of education. Here you’ll be asked how much you want to borrow and for what reason.
Laurel Road personal loan application form 2

You’ll have to confirm that you’ve read and agree to the Disclosures and Policies document. Checking your quoted rate won’t impact your credit score, but if you decide to move forward Laurel Road will conduct a hard credit pull that may cause a dip in your credit score.
Laurel Road personal loan application form 3

What happens after I apply?

After choosing your terms, you’ll upload documents that could include:

  • Government-issued photo ID.
  • Two recent pay stubs.

Once Laurel Road makes its decision, you’ll receive a letter with your rate and disclosure information. The final step is accepting the loan’s terms and signing your promissory note.

I got the Laurel Road personal loan. Now what?

  • Sign up for autopay. Save 0.25% on your interest rate by setting up automatic payments from your bank account.
  • Avoid unnecessary fees. Laurel Road may charge a penalty fee for late payments. Autopay can help you avoid any potential fees that come with late payments.
  • Contact customer service. Contact Laurel Road at 855-245-0989 or help@laurelroad.com. Live chat is available through Laurel Road’s website.

Bottom line

Laurel Road’s personal loans are an easy way to get the funding for many needs. If you’re a medical professional, you could qualify for better rates and longer terms.

You may want to compare Laurel Road to other lenders to make sure you get the strongest rate and repayment terms that you qualify for.

Frequently asked questions about Laurel Road personal loans

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